Debt in dire straits, need a consolidation solution

Thanks,

I did - 5k credit cards, 123k unsecured personal loans.

I take ur pt on cred card transfer.
 
I am trying to understand your initial financial planning
You just have 2 UK investment properties ? With negative cashflow of under 500gbp/month on these ? You have personal loans of over 2000/month related to those property investments plus the additional equity you drew down on your own house
How could the rental income ever have come close to covering those borrowings ? Am I missing something ?
You ask about handing back the keys,how would that help you much ,it would just save you the 500gbp/month shortfall on the mortgage
 
Ok, depending on how much you can pay off per month, you could have 21 months interest free on your current balance by switching cards before the interest free period is up.


1. Tesco 0% for 6 months. 14.9%APR
[broken link removed] 0% for 10 months. 14.9%
[broken link removed] 0% for 5 months. 10.5%APR


This will work assuming that no new debt is added, no cash advances taken.
 

??? Mercman were you feeling all right yesterday. I'm only trying to be a bit positive in relation to people on here in relation to debt because sometimes I can be too negative and the fact they don't have kids means they don't have creche fees, clothing, sports and all the associated items that go with having kids. It was absolutely nothing about whether one should/could have kids. In relation to IIB (I know KBC) I just got the impression that people went to them when mainstream banks turned them down but obviously I was incorrect.
 
moody blues said:
Without sounding appreciatative, my primary query is on unsecured consolidated loan providers for large debt in order to facilitate cashflow.
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In order to do this we need to know exactly what you own, it's current value, it's mortgage and it's loans. How much you receive in rent, and how much you pay in charges etc. You keep giving information in dribs and drabs. It wasn't until your 2nd last post that we discovered you had 2 properties. Can you redo the moneymakover with ALL information.
 
as I understand it, you have two motgages for two UK properties, neither of which is covered by the rent, plus 120k in unsecured personal loans, plus an interest only mortgage that is 70k more than the property i.e. 70k negative equity. TBH, I hope you're a troll as otherwise you're in a hole. Your UK "investments" are costing you money, that could be better employed paying your other debts. What would happen your cashflow if you sold the Uk properties? That could also free up the 15000 you have earmarked fo this years losses. Because you are cash flow negative on the properties, they are as bad as additional debt.
 
Bronte said:
??? Mercman were you feeling all right yesterday. In relation to IIB (I know KBC) I just got the impression that people went to them when mainstream banks turned them down but obviously I was incorrect.
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Bronte - Point taken. Sorry for being so pig headed. Regarding KBC they are much more fussy than the mainstream Banks. An enormous Bank. So much so they make the big boys here look like their petty cash boxes. However if one has proved themselves as honourable, they are likely to be flexible.
 
I can back up that statement on IIB, they are extremely fussy. Took me over a year to get my mortgage with them, and it was only a teeny one compared to some mortgages I see!
 
there are at least 2 credit cards in ireland that offer 0% on balance transfers..one for 6 months and 9,5% after..the other for 10 months and 14% after..

open one of these ..dont use the card then..just try to pay it off as quickly as possible..
 
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